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    • Rebuilding Ruth
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  • Home
  • Rebuilding Ruth
  • Bookkeeping Principles
  • Reliant Catalog
  • Letter to Investors

At Reliant Bookkeeping, we follow the Generally Accepted Accounting Principles (GAAP)

The Generally Accepted Accounting Principles (GAAP) are a set of rules for financial professionals.

These principles are created and improved upon by the Financial Accounting Standards Board (FASB).

Generally Accepted Accounting Principles

Principle of Regularity

Principle of Consistency

Principle of Consistency

 Ensures that all accountants follow the same regulations, so businesses can expect similar service from each accountant. 

Principle of Consistency

Principle of Consistency

Principle of Consistency

 Ensures that similar transactions are recorded using the same accounting method in different periods. 

Principle of Sincerity

Principle of Consistency

Principle of Permanence of Methods

 Requires accountants to present financial information fairly and accurately to avoid misleading investors, creditors, shareholders, and business leaders. 

Principle of Permanence of Methods

Principle of Permanence of Methods

Principle of Permanence of Methods

 Requires that the procedures used in financial reporting are consistent and provide a coherent picture of the business.

Principle of Periodicity

Principle of Permanence of Methods

Principle of Utmost Good Faith

  Requires that accountants report all financial figures in the accounting period they represent. 

Principle of Utmost Good Faith

Principle of Permanence of Methods

Principle of Utmost Good Faith

 Assumes that all parties invoice are acting honestly.

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